The United Nations (UN) has said that global economic growth will fall significantly to 1.9% this year due to the food and energy crisis sparked by the war in Ukraine, Covid-19, high inflation and climate change. Mentioning that Bangladesh, Pakistan and Sri Lanka sought financial assistance from IMF in 2022, the UN said that the economic outlook has significantly deteriorated
(PNA file photo) MANILA A lawmaker on Friday endorsed to the Marcos administration the 2022 Fiscal Consolidation and Resource Mobilization Plan that was released by the previous administration to address the current economic challenges brought about by the pandemic, inflation, and outstanding national debt. Aklan Rep. Teodorico Haresco, Jr. said the plan of the Duterte administration's Department of Finance (DOF), led by then finance secretary Carlos Dominguez III, seeks to modify and supplement existing tax laws for more effective and efficient revenue collection. Haresco said it proposes the deferment of the personal income tax reduction under the Tax Reform for Acceleration and Inclusion Law; modifications to the Value-Added Tax (VAT) system; and expansion of tax administration to include social media influencers. He said it also pushes for additional excise taxes; expansion of health and sin taxes; admission charges for casinos and imposition of gaming tax on electronic betti
Crisil said there are a slew of negatives like high commodity prices, elevated freight prices, drag on exports as global growth projections get lowered, and the largest demand side driver of private consumption remaining weak.